Executive income protection is a scheme designed to provide an income for key employees if they are unable to work for a prolonged period of time due to illness or injury. The plan is designed to be taken out by an employer on behalf of an employee. An amount equal to 75% of an employees salary would be payable after a deferred period of 13/26/52 weeks have elapsed from the date of disablement.
These payments will continue until retirement age (i.e. age 65) or recovery, if earlier. In addition to the income benefit, the normal annual contributions to an exempt approved employer scheme can also be insured. Premiums paid by the employer are deductible against corporation tax and will not attract a BIK liability on the employee.
Grant Thornton Financial Counselling Limited is the Financial Planning arm of the Grant Thornton practice in Ireland and has offices in Dublin and in Limerick.
Grant Thornton Financial Counselling Limited is regulated by The Central Bank of Ireland. Registered office: 24-26 City Quay, Dublin 2. Company registration no. 102489.
Grant Thornton is authorised by The Institute of Chartered Accountants in Ireland to conduct investment business under the Investment Intermediaries Act 1995.